25 Proposals of Foreign Direct Investment Amounting to Rs.1546.12 Crore Approved
PrintListen to this Article
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 29, 2014, Government has approved 25proposals of Foreign Direct Investment amounting to`1546.12 Crore approximately.
In addition, one proposal viz., M/s Medereich Limited amounting to ` 1800.00 crore has also been recommended for consideration of Cabinet Committee on Economic Affairs.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on29.08.2014.
1. Following 25 (Twenty five) proposals have been approved:
|
Sl. No. |
Name of the Company/Applicant |
Particulars of the Proposal |
Proposed Amount of FDI (in ` Crore) |
Sector |
|
1 |
M/s BSN Medical Netherlands Holding B.V., Netherlands (No. 105/2014-FC-I) |
Proposal for investment up to 61% in the share capital of M/s Belladona Plasters Limited, Goa. |
NA |
Pharma |
|
2 |
M/s Zenara Pharma Private Limited (No. 107/2014-FC-I)
|
Proposal seeking approval for (i) infusion of additional FDI by M/s Camzena Holdings Limited by subscribing to shares on a right basis and (ii) transfer of its shares constituting 48.99% by Nulife(Cyprus) Ltd to M/s Camzena Holdings Limited |
` 16.94 crore |
Pharma |
|
3 |
M/s Laurus Labs Private Limited [No. FC.II – 1(2012)/244(2011)] |
A Brownfield pharma company is seeking approval for additional FDI and NR-NR transfer by subscription and transfer of CCPS |
` 600 crore |
Pharma |
|
4 |
M/s Flemingo International (BVI) Limited (No. 93/2014-FC-I) |
Approval has been sought by M/s Flemingo International (BVI) Limited to incorporate wholly owned subsidiaries In India to carry out duty free business. |
` 150 crore |
Others |
|
5 |
M/s Flemingo International (BVI) Limited (No. 99/2014-FC-I) [FC.II-225(2006)/ 226(2006)] |
Proposal seeking approval to invest and hold 49% stake in an Indian company which is engaged in operation of duty free shops |
` 40.5 Crore |
Multi brand Retail trading |
|
6 |
M/s Miami Perfume Junction, Inc, USA (No. 108/2014-FC-I) |
Proposal seeking approval for incorporation of a WoS in India to carry out the business of sale of duty free goods in airlines and running duty free ships at airports in India |
` 10 crore |
Multi brand Retail trading |
|
7 |
M/s Maini Precision Products Private Limited [No. FC.II – 30(2011)/224(2010)] |
Proposal seeking (i) approval to undertake additional activities in defence sector and (ii) post facto approval for reduction of foreign equity. |
Nil |
Defence |
|
8 |
M/s AT&T Global Network Services India Private Limited [No. FC.II 119(2006) / 75 (2006)] |
Proposal seeking approval to increase foreign equity participation from existing 98.67% to 100% by way of buy back of shares from Indian investor. |
Not indicated |
Telecom |
|
9 |
M/s Ashdene Investments Limited, Gibraltar (No. 88/2014-FC-I) |
Proposal seeking permission for transfer of shares from resident group of promoters to non-resident group of promoters post de-merger. |
Nil |
Tea Plantation |
|
10 |
M/s UBM Medica India Private Limited [No. FC.II – 365(2001)/393(2001)]
|
Proposal seeking post facto approval for transfer of 20% equity shares from resident Indian to non-resident entity and approval for transfer of entire shares from existing foreign shareholder to another foreign entity. |
Nil (` 3.21 crore approx. already brought in) |
Print Media |
|
11 |
M/s PDA-HaB Media and TradefairsPvt. Ltd, Bangalore (No. 95/2014-FC-I) |
Proposal seeking approval for 50% foreign investment by M/s Health and Beauty Holding GMBH, Germany to engage in the business of print media. |
` 1 Crore |
Print Media |
|
12 |
M/s VakrangeeSoftwares Limited [No. FC.II – 59(2013)/58(2013)] |
Proposal seeking approval to undertake setting up and running “Brick & Mortar” bank branches, is seeking clarification/approval for increase foreign equity participation in its capital upto 73% (upto 49% by FIIs/FPIs and upto 24% by NRIs). |
Not indicated |
Others |
|
13 |
M/s Dorma India Pvt Ltd [No. FC.II – 105(1997)/1131(1996)] |
A wholly foreign owned subsidiary engaged in the business of assembling and wholesale trading of automatic door closers is seeking removal of the original (1997) FIPB approval condition of disinvestment of upto 20% of its equity to Indian partners. |
Nil |
Others |
|
14 |
M/s Monsanto Holdings Private Limited, Mumbai (No. 42/2014-FC.I) |
Approval has been sought for issue of equity shares by a new company in pursuance of a demerger scheme, to the foreign shareholders of the applicant. |
Nil |
Agriculture and Animal Husbandry |
|
15 |
M/s QX Holdings Ltd. North Yorkshire, UK (No. 103/2014-FC-I) |
Approval has been sought by M/s QX Holdings Ltd to set up a LLP in India with 60% FDI to carry out the activity of back office recruitment services to companies based in UK. |
` 0.25 Crore |
Others |
|
16 |
Fulcrum Venture India Trust ( No. 2/SIA/NFC/2013)
|
The applicant has sought approval for permitting foreign investment upto INR 1 Crore by issue of one or more class of units to Mr. BhoovarahanDesikan. The applicant has also sought approval of FIPB for permitting to make remittance of sales proceeds/income/gains as and when arising to Mr. BhoovarahanDesikan from Fulcrum since the investment is proposed to be made by the said investor under the FDI route. |
` 1 Crore |
Others |
|
17 |
M/s Chaitanya Rural Intermediation Development Services Private Limited (No. 15/SIA/NFC/2013) |
M/s Chaitanya Rural Intermediaton Development Services Private Limited has sought approval for‘ the allotment of 23,39,324 equity shares of Rs. 10/each in the capital of the company, allotted as fully paid up in consideration for swap of 23,39,324 equity shares of Rs.10/each of M/s CIFCPL. |
Nil – the proposal is for issue of shares against swapping of shares |
Others |
|
18 |
INDIAREIT Real Estate Fund-Scheme-I, through its Fund Manager INDIARET Fund Advisors Private Limited (No. 17/SIA/NFC/2013) |
The applicant has sought approval to accept NRI investment amounting to Rs. 500 crores. The applicant has undertaken that full details of NRI investors along with appropriate certification of source of funds verification undertaken by it would be provided as and when it receives NRI investments. |
` 500 Crore |
Others |
|
19 |
M/s AF Foot Care Private Limited (No. 7/SIA/NFC/2014) |
M/s AF Foot Care Private Limited has sought post-facto FIPB approval for issue of 970000 shares of Rs 10 each by conversion of pre-incorporation expenses amounting to Rs 97 lakh into equity share capital. |
NIl |
Others |
|
20 |
M/s Lush Limited, UK (No. 9/SIA/RT/2014) |
The applicant has sought approval to incorporate a wholly owned subsidiary in India to undertake single brand rectal trading of ‘Lush’ products. |
` 2.50 Crore |
SBRT |
|
21 |
M/s Damro Exports Private Limited, Sri Lanka (No. 6/SIA/RT/2006) |
The applicant has sought approval to enhance its equity participation from 51% to 100% by way of purchase of shares form M/s Eaden Marketing and Services Pvt. Ltd. and by subscribing to fresh equity shares of the Damro Furniture Private Limited |
`3.01 crore (approx) (US $ 5,00,000) |
SBRT |
|
22 |
M/s Bestseller United (Singapore) Pte. Ltd., Singapore (No. 1/SIA/RT/2014) |
The applicant has sought approval to set up a wholly owned subsidiary for undertaking single brand retail trading of products under the brand name ‘Only’ |
`90.39 Crore (approx) (US$ 15 Million) |
SBRT |
|
23 |
M/s Bestseller United (Singapore) Pte. Ltd., Singapore (No. 2/SIA/RT/2014) |
The applicant has sought approval to set up a wholly owned subsidiary for undertaking single brand retail trading of products under the brand name ‘Vero Moda’ |
`90.39 Crore (approx) (US$ 15 Million) |
SBRT |
|
24 |
M/s Bestseller United (Singapore) Pte. Ltd., Singapore (No. 6/SIA/RT/2014) |
The applicant has sought approval to acquire 100% equity of M/s Best United India Comforts Private Ltd. The applicant currently proposes to make an investment of USD 5 million for acquisition of equity shares from existing shareholders as well as for the set-up of SBRT stores at the initial stages. |
`30.13 Crore (approx) (US$ 5 Million) |
SBRT |
|
25 |
M/s Austria Puma DassierGesellchaftm.b.H , Austria (No.24/SIA/RT/2008) |
The applicant has sought approval to enhance its equity participation from 51% to 100% and trading of additional products under ‘Puma’ brand. |
`10.01 Crore (approx) (US$ 1.66 Million) |
SBRT |
2. The following 2(Two) proposals have been deferred:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
Sector |
|
1 |
M/s India Value Fund IV (No. FC.I-265/2013) |
Proposal seeking approval for downstream investment in M/s Atria Convergence Technologies Private Limited, an internet service provider and holds downstream investment in companies engaged in internet service provider and multi system operator for cable network. |
IT & ITES |
|
2 |
M/s Life Positive Private Limited [No. FC.II – 49(2013)/70(2013)] |
Proposal for Increase in foreign equity participation from the existing 96% to 99% of the equity of the Company and induction of further FDI of Rs. 4,60,75,900 by the foreign collaborators. |
Print Media |
3. The following 1 (One) proposals has been rejected:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
Sector |
|
1 |
M/s Veritas (India) Limited, Mumbai (No. 121/2011-FC-I) |
Post-facto approval for issue of warrants to foreign collaborators in a company engaged in trading of metals and chemicals products. |
Others |
4. In respect of following 01 (One) proposal, the recommendation is to advise the applicant that the proposal does not lie before FIPB:
|
Sl. No. |
Name of the applicant |
Particulars of the Proposal |
Sector |
|
1 |
M/s Aluchem Inc. USA (No.76/2013-FC.I) |
A USA based company (M/s Aluchem Inc) and M/s Porocel International LLC propose to change the purpose of funds, provided to an Indian company (M/s Aluchem India Ltd, Kolhapur & M/s Dharti Minerals), from advances against future production to foreign direct investment. |
Others |
5. In respect of following 01 (One) proposal, the recommendation is to advise the applicant that the proposal falls under automatic route:
|
Sl. No. |
Name of the applicant |
Particulars of the Proposal |
Sector |
|
1 |
M/s Punarvasu Holding & Trading Company Private Limited, Mumbai (No. 62/2014-FC-I) |
M/s Punarvasu Holding & Trading Company Private Limited- an NBFC registered with RBI has sought approval for transfer of its entire share (100%) to M/s Shree Shubham Logistics ltd, an Indian company with 10% foreign shareholding. |
NBFC |
6. In respect of 01 (one) proposal, the recommendation is to advise the applicant that the proposal is partly covered under automatic route while rest of the proposal is not covered under FDI:
|
Sl. No. |
Name of the applicant |
Particulars of the proposal |
Sector |
|
1 |
M/s Diabu Diamond Tools (India) Private Limited, Bangalore (No. 47/2014-FC-I) |
Post facto approval has been sought by M/s Diabu Diamond Tools (India) Private Limited for the shares allotted to M/s DiabuDiamanterkzeuge Heinz ButtnerGmbh, Germany against over delayed payables, in terms of royalty, technology transfer fee and raw material import. |
Others |
7. The following 01 (One) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above
` 1200.00 crore.
|
Sl. No |
Name of the applicant |
Particulars of the proposal |
Proposed Amount of FDI (in ` Crore) |
Sector |
|
1 |
M/s Medreich Limited [No. FC.II – 137(2005)/138(2005)] |
An Indian pharma company is seeking approval to increase foreign investment upto 100% in its paid up capital and direct foreign investment in its subsidiaries. |
` 1800 crore |
Pharma |
*****
Category : International Business | Comments : 0 | Hits : 370
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis that chartered accountants (CAs) from India will also be allowed to practice in the United Kingdom and Canada. It will be the first time that overseas CAs will be allowed to practice in India. The pro...
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said. The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent...
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS. Existing beneficial TCS treatment for education and health payments will also co...
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI. Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. According to the notification, the Finance ...
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022” The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current Express Entry processing times range from seven months to in excess of 20 months. Summary of Canada's Immigration Levels Plan Each year, the federal department of Immigration, Refugees ...
Comments